Static reports provide an insight into data that is only valid for a specific period of time that can support business decisions. Its name “Static” is derived because they provide information from past. Static reports provide data for a specific business area and are generally in the form of emails as well as prints.
These reports are made in MS Word, MS Excel as well as PowerPoint and then converted into HTML or PDF format to export. Static reports present data in a historical form which provides a more simple and important information than real time data. As a result users are able to assess and understand performance more accurately.
Historical data provided by static reports is useful in following:
~ It improves brand performance as it provides sales trends as well as awareness about brand
~ This data also improves product performance because it provides insight to make decisions for a service or product investment according to their performance in certain period
~ It improves market performance by providing market share analysis and comparison to competitors
Static reports provide very important and valuable information for a certain time period but it does not provide any further investigation. These reports have a very short life span and they are mostly used for analyzing historical data after being used.
For instance, daily reports are a good example of static reports as they provide a one day statistics to understand what happened in that day. These reports deal with the data in the past and tell the changes in the process. As a result users know on what to focus and get better results.
Dynamic reports also known as real time reports provide access to the information which is very recent or up to date. As a result users are able to to enjoy very interactive features and functions to perform data analysis which can be basic as well as advanced.
A live stream video is a good example of Dynamic reports. In a live stream video users or audience are able to share the experience as well as participate in the outcome of the process. These reports enables the users to look data in real time and interact with the data with distinctive features.
The users who have permission can easily access dynamic real time data online, anywhere and anytime. The best thing about this data is that it is always up to date and very easy to share. Furthermore, it is also easily accessible.
Mostly machine learning capabilities power dynamic reporting software as a result it is very wise and inborn. This enables the user to use data as a resource which can be either predictive as well as past and help them make decisions that are better in real time. By having access to the most up to date data, businesses respond to the problems very quickly and solve them which as a result save time of the company, its client and all its employees. Nowadays, without dynamic reports many businesses are unable to make decisions and this is the reason why dynamic reports have proven to be of so much importance.
Difference between these two reports is that dynamic reports provide very extensive insights than the other, which allows the users to really interact with data and improve their decision making. Whereas, static reports provide information about a specific period of time which can be used for historical reference only.
So, There is no doubt that Static reports have a certain value
but dynamic reports provide users to get even the last ounce of data and make the most of it.